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2021-01-01
Sage Accounts Production Advanced 2021 - FRS102_2021
2
2
2
xbrli:pure
xbrli:shares
iso4217:GBP
07254422
2021-01-01
2021-12-31
07254422
2021-12-31
07254422
2020-12-31
07254422
2020-01-01
2020-12-31
07254422
2020-12-31
07254422
core:LandBuildings
core:ShortLeaseholdAssets
2021-01-01
2021-12-31
07254422
core:PlantMachinery
2021-01-01
2021-12-31
07254422
bus:Director1
2021-01-01
2021-12-31
07254422
core:WithinOneYear
2021-12-31
07254422
core:WithinOneYear
2020-12-31
07254422
core:LandBuildings
core:ShortLeaseholdAssets
2020-12-31
07254422
core:PlantMachinery
2020-12-31
07254422
core:LandBuildings
core:ShortLeaseholdAssets
2021-12-31
07254422
core:PlantMachinery
2021-12-31
07254422
core:ShareCapital
2021-12-31
07254422
core:ShareCapital
2020-12-31
07254422
core:RetainedEarningsAccumulatedLosses
2021-12-31
07254422
core:RetainedEarningsAccumulatedLosses
2020-12-31
07254422
core:CostValuation
core:Non-currentFinancialInstruments
2021-12-31
07254422
core:Non-currentFinancialInstruments
2021-12-31
07254422
core:Non-currentFinancialInstruments
2020-12-31
07254422
core:LandBuildings
core:ShortLeaseholdAssets
2020-12-31
07254422
core:PlantMachinery
2020-12-31
07254422
bus:SmallEntities
2021-01-01
2021-12-31
07254422
bus:AuditExemptWithAccountantsReport
2021-01-01
2021-12-31
07254422
bus:FullAccounts
2021-01-01
2021-12-31
07254422
bus:SmallCompaniesRegimeForAccounts
2021-01-01
2021-12-31
07254422
bus:PrivateLimitedCompanyLtd
2021-01-01
2021-12-31
07254422
core:ComputerEquipment
2021-01-01
2021-12-31
07254422
core:ComputerEquipment
2020-12-31
07254422
core:ComputerEquipment
2021-12-31
07254422
core:KeyManagementIndividualGroup1
2021-01-01
2021-12-31
COMPANY REGISTRATION NUMBER:
07254422
Filleted unaudited financial statements
|
|
year ended 31 December 2021
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
Statement of financial position
|
|
31 December 2021
Fixed assets
Tangible assets
|
5
|
|
180,988
|
|
213,227
|
Investments
|
6
|
|
2
|
|
2
|
|
|
---------
|
|
---------
|
|
|
180,990
|
|
213,229
|
|
|
|
|
|
|
Current assets
Stocks
|
2,376,173
|
|
2,654,145
|
|
Debtors
|
7
|
543,622
|
|
3,086,874
|
|
Cash at bank and in hand
|
1,420,780
|
|
891,460
|
|
|
-----------
|
|
-----------
|
|
|
4,340,575
|
|
6,632,479
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
(
1,839,442)
|
|
(
4,378,395)
|
|
|
-----------
|
|
-----------
|
|
Net current assets
|
|
2,501,133
|
|
2,254,084
|
|
|
-----------
|
|
-----------
|
Total assets less current liabilities
|
|
2,682,123
|
|
2,467,313
|
|
|
|
|
|
|
Provisions
|
|
(
26,500)
|
|
(
30,000)
|
|
|
-----------
|
|
-----------
|
Net assets
|
|
2,655,623
|
|
2,437,313
|
|
|
-----------
|
|
-----------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1
|
|
1
|
Profit and loss account
|
|
2,655,622
|
|
2,437,312
|
|
|
-----------
|
|
-----------
|
Shareholders funds
|
|
2,655,623
|
|
2,437,313
|
|
|
-----------
|
|
-----------
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Statement of financial position (continued)
|
|
31 December 2021
These financial statements were approved by the
board of directors
and authorised for issue on
21 September 2022
, and are signed on behalf of the board by:
Mr C A Pallister
|
|
Director
|
|
|
|
Company registration number:
07254422
Notes to the financial statements
|
|
year ended 31 December 2021
1.
General information
The principal activity of the company is the manufacturing of all product ranges of the Ultramax Products group and assisting in wholesale and retail sales, also dealing with all research and development.
The company is a private limited company, which is incorporated in England and Wales (no. 07254422
). The address of the registered office is Unit 1 Horbury Junction Industrial Park, Calder Vale Road, Horbury, Wakefield, West Yorkshire, WF4 5ER.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on the basis that the company can continue to operate as a going concern. The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Short leasehold property
|
-
|
20% straight line
|
|
Plant and machinery
|
-
|
15% straight line
|
|
Equipment
|
-
|
33% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
43
(2020:
43
).
5.
Tangible assets
|
Property improvements
|
Plant and machinery
|
Equipment
|
Total
|
|
£
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
At 1 January 2021
|
200,806
|
137,200
|
55,221
|
393,227
|
Additions
|
25,280
|
16,234
|
10,747
|
52,261
|
|
---------
|
---------
|
-------
|
---------
|
At 31 December 2021
|
226,086
|
153,434
|
65,968
|
445,488
|
|
---------
|
---------
|
-------
|
---------
|
Depreciation
|
|
|
|
|
At 1 January 2021
|
111,200
|
28,500
|
40,300
|
180,000
|
Charge for the year
|
42,700
|
21,800
|
20,000
|
84,500
|
|
---------
|
---------
|
-------
|
---------
|
At 31 December 2021
|
153,900
|
50,300
|
60,300
|
264,500
|
|
---------
|
---------
|
-------
|
---------
|
Carrying amount
|
|
|
|
|
At 31 December 2021
|
72,186
|
103,134
|
5,668
|
180,988
|
|
---------
|
---------
|
-------
|
---------
|
At 31 December 2020
|
89,606
|
108,700
|
14,921
|
213,227
|
|
---------
|
---------
|
-------
|
---------
|
|
|
|
|
|
6.
Investments
|
Shares in group undertakings
|
|
£
|
|
|
Cost
|
|
At 1 January 2021 and 31 December 2021
|
2
|
|
----
|
Impairment
|
|
At 1 January 2021 and 31 December 2021
|
–
|
|
----
|
|
|
Carrying amount
|
|
At 31 December 2021
|
2
|
|
----
|
At 31 December 2020
|
2
|
|
----
|
|
|
7.
Debtors
Trade debtors
|
138,759
|
205,897
|
Amounts owed by group undertakings
|
150,016
|
150,073
|
Prepayments and accrued income
|
15,541
|
142,141
|
Director's loan account
|
31,893
|
53,656
|
Other debtors
|
207,413
|
2,535,107
|
|
---------
|
-----------
|
|
543,622
|
3,086,874
|
|
---------
|
-----------
|
|
|
|
8.
Creditors:
amounts falling due within one year
Bank loans and overdrafts
|
192,660
|
97,097
|
Trade creditors
|
279,232
|
681,528
|
Amounts owed to group undertakings
|
1,156,588
|
3,422,239
|
Accruals and deferred income
|
81,998
|
63,606
|
Corporation tax
|
29,166
|
50,930
|
Social security and other taxes
|
76,700
|
57,777
|
Other creditors
|
23,098
|
5,218
|
|
-----------
|
-----------
|
|
1,839,442
|
4,378,395
|
|
-----------
|
-----------
|
|
|
|
9.
Director's advances, credits and guarantees
During the year a total of £32,738 (2020: £151,346) was advanced to the director of which £54,500 (2020: £112,000) was repaid during the year. The balance of £31,893 (2020: £53,656) remains outstanding at the year end and is included in debtors. The loan is interest free and repayable on demand.
10.
Related party transactions
During the year an amount of £nil (2020: £40,000) was advanced to J Mosalski, the company secretary, and £37,000 (2020: £105,378) was repaid during the year. The balance of £nil (2020: £37,000) is no longer outstanding at the year end and was included in other debtors in the prior year. The loan was interest free and repayable on demand.